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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.
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GOVERNMENT FUNCTIONS: Activities that are more efficiently performed by government than by private sector households and business. In fact, historical evidence (that is, 10,000 years of civilization--more or less) strongly indicates that we, regularly human-being-type people, are willing to put of with the coercive shenanigans of government (taxes, laws, regulations, abuse of power, oppression of the masses, meaningless wars) only because government does perform useful functions. Fire is the best analogy for government. When raging out of control both fire and government can cause horrific devastation. But when controlled, both can provide unparalleled good. See also | government | government sector | household sector | business sector | foreign sector | regulation | economic policies | taxes | private sector | public sector |
Recommended Citation:GOVERNMENT FUNCTIONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 30, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: government functions
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IMPLICIT LOGROLLING The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for defective microphones.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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ICC
International Chamber of Commerce
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